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Parker,Smith,and James form a partnership.Parker contributes $60,000 cash and Smith contributes $20,000 in cash.James contributes equipment with a fair value of $25,000.Prepare the journal entry to record the formation of the partnership.
Crashing
Refers to an abrupt failure or severe downturn, often used to describe sudden declines in financial markets or when a computer system stops functioning unexpectedly.
Depressed Feelings
Emotions characterized by sadness, hopelessness, and a loss of interest in activities once enjoyed.
Organ Damage
Physical harm or dysfunction to vital structures within the body that can disrupt normal bodily functions.
Mental Change
Alterations in cognitive function, mood, or behavior that may reflect psychological or neurological conditions.
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